Envestnet Asset Management Inc. Trims Stock Holdings in Shopify Inc. $SHOP

Envestnet Asset Management Inc. lessened its holdings in shares of Shopify Inc. (NASDAQ:SHOP) (TSE:SHOP) by 7.4% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,937,210 shares of the software maker’s stock after selling 155,219 shares during the quarter. Envestnet Asset Management Inc. owned 0.15% of Shopify worth $287,889,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Financial Gravity Companies Inc. bought a new stake in shares of Shopify in the second quarter worth $27,000. Rothschild Investment LLC grew its holdings in Shopify by 47.5% during the 2nd quarter. Rothschild Investment LLC now owns 233 shares of the software maker’s stock worth $27,000 after acquiring an additional 75 shares in the last quarter. Heartwood Wealth Advisors LLC acquired a new position in Shopify during the 3rd quarter worth $27,000. Tradewinds Capital Management LLC grew its holdings in Shopify by 71.4% during the 2nd quarter. Tradewinds Capital Management LLC now owns 240 shares of the software maker’s stock worth $28,000 after acquiring an additional 100 shares in the last quarter. Finally, Estabrook Capital Management acquired a new position in Shopify during the 2nd quarter worth $29,000. 69.27% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. DA Davidson upped their target price on shares of Shopify from $185.00 to $195.00 and gave the company a “buy” rating in a research note on Wednesday, November 5th. Bank of America boosted their price objective on Shopify from $185.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, December 17th. Stifel Nicolaus set a $175.00 price objective on Shopify in a research note on Tuesday, November 4th. DZ Bank upgraded Shopify from a “strong sell” rating to a “hold” rating in a research report on Thursday, November 6th. Finally, CIBC reissued an “outperform” rating on shares of Shopify in a research report on Wednesday, November 5th. Twenty-five equities research analysts have rated the stock with a Buy rating and nineteen have assigned a Hold rating to the company’s stock. According to MarketBeat, Shopify currently has an average rating of “Moderate Buy” and an average target price of $171.70.

Shopify Trading Down 4.4%

Shares of NASDAQ SHOP opened at $114.02 on Thursday. Shopify Inc. has a 12-month low of $69.84 and a 12-month high of $182.19. The company has a market cap of $148.44 billion, a price-to-earnings ratio of 84.46, a price-to-earnings-growth ratio of 3.51 and a beta of 2.83. The stock’s 50 day simple moving average is $156.24 and its 200 day simple moving average is $151.25.

Shopify (NASDAQ:SHOP) (TSE:SHOP) last issued its earnings results on Tuesday, November 4th. The software maker reported $0.27 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.03. The firm had revenue of $2.84 billion for the quarter, compared to analyst estimates of $2.75 billion. Shopify had a return on equity of 11.72% and a net margin of 16.65%. As a group, equities analysts forecast that Shopify Inc. will post 1.12 earnings per share for the current fiscal year.

About Shopify

Shopify is a Canadian commerce technology company that provides a cloud-based platform for businesses to create, manage and scale online and physical retail stores. Its core offering is a software-as-a-service e-commerce platform that enables merchants to build customizable storefronts, manage product catalogs, process orders, and handle inventory. Shopify also supports omnichannel selling through integrated point-of-sale (POS) systems for in-person transactions.

Beyond storefront software, Shopify offers a range of merchant services and tools designed to simplify commerce operations.